PSEi slips amid renewed Mideast woes
MANILA, Philippines – Local stocks slipped on Tuesday as caution over renewed US-Iran conflict and rising oil prices weighed on investors’ sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.15 percent, or 9.70 points, to close at 6,256.02.
READ: Trump vows to hit Iran ‘hard,’ impose Strait of Hormuz transit fees
Global uncertainty
Philstocks Financial Inc. research manager Japhet Tantiangco said the market’s sideways trading ultimately ended in negative territory as investors weighed the risks posed by the Middle East conflict.
“The local market’s sideways movement today ended in the negative territory as worries over the US-Iran tensions and its upward effect on global oil prices weighed on investors’ sentiment,” he said.
Trading remained subdued, with net value turnover at just P4.05 billion as investors stayed on the sidelines while monitoring developments in the Middle East.
READ: US strikes Iran as Gulf states targeted in flareup over Hormuz
“Traders largely stayed on the sidelines resulting in thin volume for today’s session, awaiting further geopolitical developments before taking significant positions,” Luis Limlingan, head of sales at Regina Capital Development Corp., said.
Despite the market’s decline, foreign investors extended support, ending the session as net buyers with net inflows of P229.80 million.
Sectoral performance was mixed. Mining and oil stocks led the gains after climbing 1.30 percent, while conglomerates posted the biggest decline, falling 0.84 percent.
Among index members, Emperador Inc. emerged as the top gainer, advancing 1.55 percent to P15.70 per share.
Meanwhile, JG Summit Holdings Inc. booked the steepest loss among index stocks, dropping 3.19 percent to P24.30.
Analysts said investors remained cautious as uncertainty in the Middle East clouded the market outlook, with the prospect of persistently higher oil prices fueling concerns over inflation and corporate costs.
Even so, continued foreign buying suggested that some investors remained selective despite the broader risk-off sentiment. /pai INQ
